By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) has approved $3,412,125 in agricultural loans at its monthly board meeting, aiming to support producers and agricultural businesses across the Commonwealth.
The funding, spread across 16 loans, targets critical areas such as infrastructure improvements, processing operations, and opportunities for beginning farmers.
Under the Agricultural Infrastructure Loan Program (AILP), three loans totaling $595,000 were approved in Calloway, Graves, and Warren counties. This program aids producers with permanent farm structures and equipment that improve farm profitability. The program offers up to $250,000, covering 50% of the project cost.
Two loans under the Agricultural Processing Loan Program (APLP) totaling $430,000 went to projects in Garrard and Hardin counties. APLP supports value-added processing by helping finance equipment, new facilities, expansions, or permanent working capital.
The Beginning Farmer Loan Program (BFLP) saw the highest activity, with 11 loans totaling $2,387,125 issued across counties including Barren, Boone, Breckenridge, Cumberland, Green, Harrison, Larue, Lincoln, Scott, and Wayne. This program helps individuals with some experience grow their operations through livestock, equipment, or farmland purchases.
“These investments are designed to empower our farmers and promote growth across Kentucky agriculture,” said Bill McCloskey from the Kentucky Office of Agricultural Policy.
KAFC loans are designed to enhance long-term farm sustainability and stimulate the rural economy. Interested applicants are encouraged to reach out to their local lenders or contact Bill McCloskey at (502) 382-6093 or kafc@ky.gov for more information.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Business